Colombo Stock Market ready for another Downtrend?
Colombo Stock Market ready for another down trend ahead of 31st March 2024 quarterly results which is expected to be adversely affected by the escalation of Value Added Tax (VAT) Rate to 18% with effect from 1st January 2024. In an attempt to raise government revenue, the VAT rate on applicable goods and services increased…
Agriculture Sector of Sri Lanka
The agriculture sector plays a crucial role in the economy of Sri Lanka, employing a significant portion of the population and contributing to the country’s GDP. However, despite its importance, the sector faces several challenges that hinder its growth and potential. This critical analysis will delve into some of these challenges and propose potential solutions…
Sri Lanka: Stock Market Performance (2022-2024)
The period between 2022 and 2024 for the Colombo Stock Exchange was characterized by resilience in the face of global and domestic challenges. While volatility was a significant factor, the market also showed signs of adaptability and potential for recovery. The performance of the CSE during these years underscores the importance of diversification, informed investment…
ANALYSIS: Sri Lanka Car Market 2024
Sri Lanka: Total Vehicle Population (2012-2023) Car Registrations in Sri Lanka decreased to 108 Units in November from 129 Units in October of 2023. Car Registrations in Sri Lanka averaged 2191.31 Units from 1997 until 2023, reaching an all time high of 15017.00 Units in September of 2015 and a record low of 41.00 Units…
Richard Pieris Exports PLC (REXP.N0000) future looks bleak!
Richard Pieris Exports PLC one of the premier exporters of rubber products in Sri Lanka is facing serious loss of revenue and facing doubt about future survival due to following reasons. – Loss of Competitiveness due to non adaptability. – Internal financial mismanagment and lack of financing. – Falling Revenues due to depreciation of USD…
How to report tax evasion?
To report tax evasion in Sri Lanka, you can follow these steps: Remember, tax evasion is a serious offense, and the Inland Revenue Department encourages individuals to report any suspected cases to ensure compliance and fairness in the tax system.
How to defeat Ranil Wickramasinghe at the next Presidential Elections
Artificial Intelligence (AI) Response Based on the information provided, here are some strategies that could potentially be used to defeat Ranil Wickramasinghe at the next presidential elections: 1. Build a strong opposition coalition: Bring together different political parties and factions that are opposed to Wickramasinghe’s leadership. This will help consolidate support and present a united…
Future potentials of Tourism Industry in Sri Lanka?
The tourism industry in Sri Lanka has several potential growth areas, as indicated by the context provided: To maximize the potential of the tourism industry, a combined effort by all stakeholders, including the government, private sector, and local communities, is required. This includes addressing current challenges, investing in marketing and infrastructure, and continuously exploring new…
Future potentials of Tea Industry in Sri Lanka
The future potential of the tea industry in Sri Lanka can be understood by analyzing the strengths, weaknesses, opportunities, and threats as outlined in the provided context: The context also suggests that the future of the agricultural sector, including the tea industry, lies in intensified production due to limited land availability and the need to…
Sri Lanka: Banking sector stability and soundness
The overall soundness of the banking sector in Sri Lanka, as indicated by the Banking Soundness Index (BSI), improved at the end of Q3 of 2023 compared to the corresponding period of the previous year. The BSI is a composite indicator that reflects various aspects of the banking sector’s performance and stability, including asset quality,…
How to Register company in Sri Lanka?
To register a company in Sri Lanka, especially if it’s an overseas company looking to establish a place of business within the country, the following steps and requirements, as outlined in the provided context, should be followed: These steps are based on the information provided in the context and are specific to overseas companies. Local…
What are tax on dividends income
The tax on dividend income is addressed in the provided context under different sections of the Inland Revenue Act: These excerpts from the Inland Revenue Act provide details on how dividends are taxed, including the rates, conditions for exemptions, and the distinction between dividends paid by resident and non-resident companies
Chat2Find releases 3 Specialised ChatBots for Sri Lanka Market
Jan 31, 2024, London Chat2find AI company specialised in conversation AI has released 3 key Artificially Intelligent (AI BOTS) services for Sri Lanka market specialised in taxation, law and business. Chat2Find AI provides cutting edge solutions to users who seek unrestricted and unbiased information related to any specialised subject. LankaTAX – AI Tax Advisor LankaTax is an…
What are the regulations for tax exemptions?
Based on the provided context, there are several regulations for tax exemptions in Sri Lanka, which include: Please ensure to consult the latest tax guidelines or a tax professional for the most current and detailed information, as tax laws and regulations can change frequently.
How to apply for a tax relief?
To apply for tax relief, you would typically need to follow these steps: For specific instructions and guidance, refer to the tax authority’s official guides or contact their support services for assistance. In the context of Sri Lanka, you can reach out to the Taxpayer Service Unit (TSU) for help with registration as a taxpayer,…
How can foreigners avoid paying tax in Sri lanka?
Foreigners can avoid paying tax on certain types of income in Sri Lanka by meeting specific conditions outlined in the Inland Revenue Act. Here are some ways based on the provided context: It is important for foreigners to consult with a tax professional or refer to the Inland Revenue Act for detailed advice tailored to…
Tax on Interest Revenue
Interest revenue is subject to taxation under various conditions as outlined in the Inland Revenue Act, No. 10 of 2006. Here are some key points regarding the tax on interest revenue: These points provide an overview of how interest revenue is treated for tax purposes according to the Inland Revenue Act of Sri Lanka. Specific…
Income tax on Rent
Income tax on rent is applicable under the Inland Revenue Act. Here are some key points regarding the taxation of rental income: It is important to consult the Inland Revenue Act or a tax professional for detailed information on how to report rental income and claim any applicable deductions or reliefs.
Tax Exemption for Solar at home. What are the terms and conditions?
The terms and conditions for tax exemption on solar power systems at home, based on the provided context, are as follows: Please ensure to consult the latest tax guidelines or a tax professional for the most current and detailed information, as tax laws and regulations can change frequently.
What’s income tax rate on dividends?
The income tax rate on dividends varies depending on several factors as outlined in the Inland Revenue Act, No. 10 of 2006. Here are the details based on the provided context: Please note that these rates are subject to the specific conditions mentioned in the Act and may vary based on the type of dividend,…
How to reduce tax in Sri Lanka?
To reduce tax in Sri Lanka, individuals and entities can utilize various deductions, credits, and allowances that are legally available within the tax system. Here are some ways to potentially reduce tax liability: It is advisable to consult with a tax professional or refer to the Inland Revenue Department for specific guidance tailored to your…
Penalties For Evading And Making False Tax Returns?
Penalties for evading and making false tax returns are serious and can include both financial penalties and imprisonment. According to the information provided: It is important to comply with tax laws and regulations to avoid these penalties. If there is any uncertainty or need for clarification, it is advisable to consult with a tax professional…
Income Tax Qualifying Payments and Reliefs for Individuals?
Qualifying payments and reliefs for individuals in terms of income tax are provisions that allow taxpayers to reduce their taxable income. Based on the information provided: It’s important to note that these figures and provisions are subject to change, and individuals should refer to the latest tax guidelines or consult with a tax professional for…
When Should You Pay Your Income Tax?
You should pay your income tax based on the payment period applicable to you. For example, if we look at the Corporate Income Tax (CIT) payment periods provided in the context, they are structured as follows: Additionally, there is a final payment for the period from 01 April of the previous year to 31 March…
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